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Sunday, April 30, 2017

Mortgage Financing

As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home..Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can't afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose your mortgage carefully. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in the house for a long time—and given the current real estate market, you should—taking the points will save you money.

Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.

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Bridget Morrissey exemplifies sincerity, honesty, creativity
and energy in every real estate transaction.
Her willingness to go the extra mile to get it done is appreciated by
both clients and other Realtors.

Bridget is well known from East Lyme to Westerly in many
circles. Her two boys grew up in New
London and Westerly and were active in Little League, Boy Scouts and St Mary
Star of the Sea Church. Bridget’s
Aerobics in Groton and Westerly were two very popular fitness centers
in the 90’s. She also achieved national
recognition from AFLAC for Management Excellence and was part of a focus group
launching “The Duck”.

Bridget has been trained and inspired by many people
resulting in a successful real estate career.
Licensed in Connecticut and Rhode Island in both Real Estate and Life
Insurance, Bridget has helped many people to both achieve the home of their
dreams and to protect it for their family.
Proactively looking out for her clients has merited Bridget many
accolades. The Commercial Record of Boston
MA recognized her as a Woman of FIRE (Finance, Insurance and Real Estate)
presented by Lt Governor Nancy Wyman.
She is a three time recipient of the Five Star Professional Real Estate
Agent Award as seen in CONNECTICUT Magazine and is also a Zillow Five Star
Agent. Bridget has also attained the
Master Sales Award from the Eastern Connecticut Association of Realtors.

Communication, Dedication, RESULTS is her motto. Bridget is passionate about the needs and
goals of her clients and goes to extraordinary means to accomplish them. Her extensive knowledge of Southeastern
Connecticut and South County in Rhode Island serves her clients well. Bridget knows what it takes to successfully
close a transaction making the buying and selling process a comfortable
experience.